News: Snapchat acquires EIC-funded startup Fit Analytics to explore online shopping in a new way
Fit Analytics, an innovative EIC-funded SME, was purchased by Snap Inc. - the owner of several worldwide technology companies, such as the famous Snapchat app. This acquisition was recently made as an attempt by Snap to enhance their business portfolio towards the e-commerce market since Fit Analytics provides a service to support online customers to pick the right clothing size.
The collaboration between Fit Analytics and Snap will mutually benefit both companies: on the one hand, the Berlin-based SME funded by the EIC, Fit Analytics, will be able to keep scale-up their business and technology; on the other hand, Snap can fulfil its objective of increasing the size of its online shopping platform, benefiting from the experience and the technology of Fit Analytics.
Fit Finder is the name of the service that caught the tech giant Snap's eye, although Fit Analytics also provides other technological solutions. Fit Finder is based on machine learning technology and recommendations from previous users to provide the right fitting information to the buyers when purchasing clothes. The company aims to improve the conversion rates for their customer companies and decrease the rate of returns after purchase, providing a more successful buying-selling experience for both parties involved in a clothing transaction.
Fit Analytics has received a Phase 2 Grant from the European Innovation Council to develop this highly innovative size recommendation engine, a game-changer in the existing online apparel market, using big data and machine-learning algorithms.